Bitcoin Plunges 9%, Driven by MACD Crossover

Bitcoin experienced a significant downturn of over 9% in the past week, marked by a bearish crossover on its Moving Average Convergence Divergence (MACD) indicator. This technical signal indicates weakening momentum and puts Bitcoin’s price near the $103,500 support level. The decline is attributed to a confluence of factors: institutional caution due to market shifts, macroeconomic headwinds such as heightened Fed policy risks, and rapid liquidations triggered by leveraged trades, affecting related cryptocurrencies like Ethereum and Solana.